When we think of wealthy Americans, images of gold and black credit cards are often top of mind. The allure of exclusive perks, luxury rewards, and elevated status seem to be synonymous with high-net-worth individuals. But a new survey reveals the truth about how the rich use their credit cards—and it’s far from the image we’ve been sold. From casual card churning to ignoring interest rates, the habits of the affluent are more relatable (and less glamorous) than you might think.
The Rich Have More Cards, But Are They Doing It Right?
One thing’s clear: the wealthy tend to have more credit cards than the average American, but this doesn’t necessarily mean they’re using them wisely. According to the survey, 70% of people with a net worth of over $1 million carry two or more cards—compared to just 41% of those with less than $1 million. Surprisingly, nearly a quarter of people with less than $1 million don’t own a credit card at all, while only 9% of millionaires can say the same.
The numbers reveal a wealth of financial privilege, but it’s not all sunshine and rainbows. For all their cards, rich Americans aren’t exactly experts at managing debt. About half of millionaires don’t always pay off their full balances, and a startling 51% have maxed out a credit card at least once. Even the wealthiest seem prone to the same issues of overspending, neglecting payments, and accumulating debt as their less affluent counterparts. The wealthy aren’t immune to credit card pitfalls—they just have more options when things go awry.
Cash Back? Not the Priority for the Wealthy
Here’s the twist: while cash-back cards are wildly popular among everyday Americans, they’re not the top choice for the rich. In fact, only 59% of millionaires own a cash-back card, compared to 72% of those with a lower net worth. Why? Because for the rich, earning a few extra bucks in cash rewards doesn’t move the needle.
Instead, the wealthy prefer cards that offer bigger rewards in other categories. Travel rewards are far more attractive to high-net-worth individuals, with 49% of them owning a travel card, compared to just 23% of those with a net worth under $1 million. And when it comes to signing up for new cards, the rich are more likely to switch it up regularly to maximize rewards. They’re not sticking with one card for life—they’re chasing the best deals, and the rewards they stand to gain. In short, for the affluent, credit cards are tools to accumulate luxury perks, not just to get a small percentage back on everyday purchases.
More Cards, More Problems? Not Quite.
It’s no secret that the wealthy are more likely to have multiple credit cards, but does that mean they’re better at managing them? Not necessarily. In fact, the rich are more likely to fall into the trap of “credit card churning,” where they open new accounts regularly to take advantage of sign-up bonuses and special promotions. According to the survey, 26% of millionaires open a new credit card twice a year, while 20% open three or more new cards annually. This is nearly double the rate of those with less than $1 million, and it’s a practice that can have serious consequences for credit scores.
While churning might seem like a smart strategy to rack up rewards, it comes with a price. Frequent credit inquiries and new accounts can negatively impact a credit score, and if the individual isn’t careful, it could result in higher debt levels. The wealthier you are, the more cards you can juggle—but that doesn’t necessarily mean it’s a good idea to keep signing up for more.
Interest Rates? They Don’t Matter to the Rich
When it comes to selecting a credit card, interest rates seem to take a backseat for wealthy individuals. Only 26% of millionaires list interest rates as the most important factor when choosing a card, compared to 40% of people with lower net worths. Why? Because the rich generally have the financial flexibility to pay off their cards in full each month. For them, it’s about the perks—whether it’s travel rewards, sign-up bonuses, or other exclusive benefits. Interest rates are an afterthought.
In contrast, less wealthy Americans are more likely to worry about how high interest rates might affect their finances. With a smaller cushion to fall back on, lower-income earners focus on minimizing debt and making sure their cards don’t cost them more than they can afford. But for the affluent, credit cards are seen as a financial tool to leverage their wealth and lifestyle.
The Most Popular Credit Card Issuers for the Rich
The notion that wealthy individuals are tied to ultra-exclusive credit card brands is true to an extent. But it might surprise you to learn that the most popular credit card issuers among millionaires are not necessarily luxury names like American Express’s Centurion card or the infamous black cards. Bank of America takes the crown, with half of millionaires holding a card from this issuer. American Express follows closely with 38%, while Capital One and Chase round out the top four. Even more surprising? Less wealthy Americans tend to trust their credit card issuers more than the rich, especially when it comes to companies like Capital One, Chase, and Discover.
Eco-Friendly and Crypto Cards: The New Status Symbols?
Forget the days of the classic black card as a status symbol. Today’s rich are looking for cards that align with their values. Just under a third of high-net-worth individuals said they’d be very likely to apply for a credit card that offers crypto rewards. Another third said they’d be interested in cards that support environmental or social causes.
With interest in cryptocurrencies on the rise and the younger generation becoming more socially conscious, it’s no surprise that these emerging trends are catching the attention of the wealthy. It’s not just about the rewards anymore—it’s about what those rewards represent. Whether it’s making a statement about environmental sustainability or jumping on the crypto bandwagon, the new luxury is about aligning one’s finances with personal values.
Are the Rich Really All That Good With Credit?
Despite the stereotype that wealthy people are master money managers, the survey reveals that millionaires don’t always use credit responsibly. A shocking 19% of them almost never pay off their credit card balances. Even worse, 51% of them have maxed out a credit card at least once. Compare that to only 15% of people with lower net worths. It seems that credit card habits are more influenced by behavior than by bank balance.
Additionally, half of wealthy cardholders have automatic payments set up—showing that even the affluent have learned that setting up automation can help avoid late fees and interest charges. But with such a high percentage of the rich maxing out their cards or failing to pay their full balance, it’s clear that their credit habits aren’t always pristine.
The Bottom Line: It’s Not About the Cards, It’s About the Behavior
At the end of the day, it’s not about how many credit cards you have or how much you can rack up in rewards. Whether you’re worth $1 million or $100,000, how you manage your credit cards matters most. The wealthy might have more opportunities to churn cards, travel in luxury, or chase rewards, but their bad habits—such as neglecting to pay balances in full or maxing out cards—are common to many of us.
The lesson? Credit cards, regardless of your financial standing, should be handled responsibly. A hefty bank account won’t save you from high-interest debt if you’re not careful. Managing credit wisely—not the sheer number of cards—is the real secret to financial success.